StockNews.com Upgrades Methanex (NASDAQ:MEOH) to Buy

Methanex (NASDAQ:MEOH) (TSE:MX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Several other brokerages have also recently weighed in on MEOH. Barclays cut Methanex from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $56.00 to $44.00 in a research report on Tuesday, September 10th. UBS Group lowered their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Piper Sandler raised their target price on Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Raymond James lowered their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and an average target price of $55.25.

Methanex Stock Performance

Shares of MEOH stock opened at $42.19 on Friday. The firm has a market capitalization of $2.84 billion, a PE ratio of 19.72 and a beta of 1.36. The firm has a fifty day simple moving average of $40.99 and a two-hundred day simple moving average of $45.99. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MEOH. Headlands Technologies LLC boosted its stake in Methanex by 346.5% in the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after acquiring an additional 700 shares during the period. Blue Trust Inc. grew its holdings in shares of Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after acquiring an additional 1,575 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after purchasing an additional 1,626 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Methanex during the 2nd quarter worth $201,000. Finally, Value Partners Investments Inc. lifted its position in Methanex by 13.3% during the 2nd quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock worth $247,000 after acquiring an additional 599 shares during the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.